The Department of Economic Development in Abu Dhabi aims to raise the factory sector's exports of non-oil GDP in the emirate by 100% to 35.6 billion dirhams by the end of this year, compared to 17.8 billion dirhams in 2019, according to Rashid Al Balushi, the department’s agent.
Al-Balushi revealed, in a press statement on the sidelines of the department’s signing, yesterday, Sunday, of a partnership agreement with the "Union Export Credit" company, about 284 factories in Abu Dhabi that export their goods abroad with a total value of 17.8 billion dirhams. Through 6,490 export operations in 2019, and we aim to double this value during 2020. Al-Balushi explained that the agreement signed between the two parties aims to support local exports, protect them in foreign markets, and support small and medium-sized factories, and the department will also start communicating with factories.
To provide the procedures and the necessary funding for them. The agreement was signed by Rashid Al Balushi and Massimo Falcioni, CEO of the Union Export Credit Company, in the presence of a number of officials from both sides, which also aims to empower the industrial sector, strengthen its partnership with the public sector, in addition to enhancing the level of protection of private sector companies ’dealings with foreign markets. Matching specifications and Al-Balushi stated that one of the conditions of the agreement is the payment of the value of the goods in cooperation with banks, on the condition that the goods conform to international specifications and standards. In terms of quality and efficiency, and the period of work of the factories targeted in the program is not less than two years, noting that the agreement does not include the start-up factories. Al-Balushi also stipulated that the targeted companies should be of high financial solvency and have strong fundamentals; This is as a guarantee and protection for all parties, with the aim of facilitating the export process, noting that industrial establishments in the Emirate of Abu Dhabi increased by 66 establishments in 2019, with a growth of 57% compared to establishments in 2018. The representative of the department added, “The industrial sector plays a pivotal role in the process of economic development.
For the Emirate of Abu Dhabi; Therefore, we attach special importance to the central role of the Industrial Development Bureau; Supporting local factories and companies, helping them open new markets, and urging them to export their quality products and services outside the country with the need to insure these exports against risks, and invest in the logistical sector that achieves security; To sustain industrial projects in the emirate. He pointed out that the cooperation agreement between the two sides requires working to educate and define industrial establishments and local companies related to the benefits of export insurance, and to inform them of how to export their products to foreign markets, and to insure them, in a way that contributes to strengthening the activities of these establishments, supporting the business sector in Abu Dhabi, and creating an investment environment. And increase exports ».
Enhancing competitiveness. Massimo Falcioni confirmed that, through the agreement signed with the Department of Economic Development in Abu Dhabi, the "Union for Export Credit" provided guarantees of $ 3 billion (11 billion dirhams) for the factories targeted in export operations, while the expected return is an increase in exports of 10 Billion dollars 36.7 billion dirhams). Falcioni indicated that Abu Dhabi is constantly working to create a knowledge-based economy and enhance the global competitiveness of the UAE, in addition to its contribution to increasing the volume of national non-oil exports, in line with the UAE Vision 2021, Abu Dhabi Economic Vision 2030 and the UAE Centennial 2071, which are in line with the goals.
Union Export Credit Company on the long term. He mentioned that the partnership with the Industrial Development Office will focus on strengthening and supporting efficient factories in the Emirate of Abu Dhabi. By granting them competitive advantages for growth in the local and international markets, stressing his confidence that this cooperation will allow these factories to benefit from a wide range of innovative trade credit solutions provided by the Union Export Credit Company that help boost trade and investments, and advance sustainable economic development in the UAE. .